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Courtesy of the recently declassified Fed discount window documents, we now know that the biggest beneficiaries of the Fed's generosity during the peak of the credit crisis were foreign banks, among which Belgium's Dexia was the most troubled, and thus most lent to, bank. Having been thus exposed, many speculated that going forward the US central bank would primarily focus its "rescue" efforts on US banks, not US-based (or local branches) of foreign (read European) banks: after all that's what the ECB is for, while the Fed's role is to stimulate US employment and to keep US inflation mod
In summary, instead of doing everything in its power to stimulate reserve, and thus cash, accumulation at domestic (US) banks which would in turn encourage lending to US borrowers, the Fed has been conducting yet another stealthy foreign bank rescue operation, which rerouted $600 billion in capital from potential borrowers to insolvent foreign financial institutions in the past 7 months. QE2 was nothing more (or less) than another European bank rescue operation!
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
MF Global Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.
Furthermore the data above proves beyond a reasonable doubt why there has been no excess lending by US banks to US borrowers: none of the cash ever even made it to US banks!
to send the precious metal complex surging as it becomes clear that the dollar is now entirely worthless.
Originally posted by Skerrako
reply to post by john124
The good news:
No hyperinflation, because no one in America got the money
Seriously though this makes me sick. The financial system is breaking the American citizen's backs saving.....BANKS IN OTHER COUNTRIES. It should be clear to everyone that the Fed has no concern about the wellbeing of the country it supposidly governs. What a sickening, corrupt institution.
One of the reasons we will be protesting it come this tuesday
Originally posted by Bob Sholtz
let me get this straight. basically, this is a "screw americans over" deal. a large portion of money that should have helped stimulate the economy (ignoring the flaws of keynesian economics) was sent to help foreign banks?
I'd love to know what you'd have done in your capacity as ATS's own financial guru, assuming the Fed had come along to you through the medium of a European Bank, with a couple of million dollars on the cheap, with little if any conditions attached. Where would you have invested it to get the maximum return ?
Originally posted by Skerrako
Farmland, Guns, Gold and Silver
edit on 12-6-2011 by Skerrako because: (no reason given)